Barclays lifts Canopy Growth Corporation [CGC] price estimate. Who else is bullish?



Canopy Growth Corporation [NASDAQ: CGC] plunged by -$0.33 during the normal trading session on Monday and reaching a high of $5.59 during the day while it closed the day at $5.19. The company report on May 20, 2022 that Canopy Growth Kicks Off Summer Long Weekends with Exciting New Product Line-Up.

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Canadian cannabis market leader introduces new offerings across its house of brands – 7ACRES, Ace Valley, Deep Space and Doja.

Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX: WEED) (NASDAQ: CGC), a world-leading diversified cannabis, hemp, and cannabis device company, today unveiled a line-up of new offerings across its premium brand portfolio – 7ACRES, Ace Valley, Deep Space and Doja. With select products releasing just in time for the first long weekend of the summer, including the release of its first large format premium flower offering for the recreational market, Doja 91K 14g, this new line-up builds on the Company’s continued commitment to product innovation and meeting evolving consumer demand, while cementing Canopy’s leadership position in the premium flower market.

Canopy Growth Corporation stock has also loss -9.42% of its value over the past 7 days. However, CGC stock has declined by -27.51% in the 3 months of the year. Over the past six months meanwhile, it has lost -57.39% and lost -40.55% year-on date.

The market cap for CGC stock reached $2.04 billion, with 393.71 million shares outstanding and 251.80 million shares in the current float. Compared to the average trading volume of 7.15M shares, CGC reached a trading volume of 5892879 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Canopy Growth Corporation [CGC]:

Barclays have made an estimate for Canopy Growth Corporation shares, keeping their opinion on the stock as Underweight, with their previous recommendation back on March 22, 2022. The new note on the price target was released on December 22, 2021, representing the official price target for Canopy Growth Corporation stock. Previously, the target price had yet another drop from $11 to $7, while Piper Sandler kept a Underweight rating on CGC stock.

The Average True Range (ATR) for Canopy Growth Corporation is set at 0.49, with the Price to Sales ratio for CGC stock in the period of the last 12 months amounting to 3.67. The Price to Book ratio for the last quarter was 0.48.

CGC stock trade performance evaluation

Canopy Growth Corporation [CGC] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -9.42. With this latest performance, CGC shares dropped by -6.82% in over the last four-week period, additionally sinking by -57.39% over the last 6 months – not to mention a drop of -77.12% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CGC stock in for the last two-week period is set at 41.07, with the RSI for the last a single of trading hit 39.39, and the three-weeks RSI is set at 41.92 for Canopy Growth Corporation [CGC]. The present Moving Average for the last 50 days of trading for this stock 6.40, while it was recorded at 5.61 for the last single week of trading, and 10.34 for the last 200 days.

Earnings per share (EPS) analysis for Canopy Growth Corporation [CGC] stock

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CGC. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Canopy Growth Corporation go to 33.40%.

Canopy Growth Corporation [CGC]: Insider Ownership positions

There are presently around $330 million, or 18.79% of CGC stock, in the hands of institutional investors. The top three institutional holders of CGC stocks are: VANGUARD GROUP INC with ownership of 7,878,052, which is approximately 3.6% of the company’s market cap and around 36.20% of the total institutional ownership; ETF MANAGERS GROUP, LLC, holding 7,325,327 shares of the stock with an approximate value of $40.44 million in CGC stocks shares; and D. E. SHAW & CO., INC., currently with $22.49 million in CGC stock with ownership of nearly 138.355% of the company’s market capitalization.

Positions in Canopy Growth Corporation stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 137 institutional holders increased their position in Canopy Growth Corporation [NASDAQ:CGC] by around 11,736,750 shares. Additionally, 172 investors decreased positions by around 17,648,911 shares, while 146 investors held positions by with 30,407,802 shares. The mentioned changes placed institutional holdings at 59,793,463 shares, according to the latest SEC report filing. CGC stock had 50 new institutional investments in for a total of 1,818,440 shares, while 74 institutional investors sold positions of 3,526,022 shares during the same period.